‘Legacy’ Condo Project Goes Back To The Bank
The owner of the unbuilt condominium development at 9200 Wilshire commonly referred to as the “the Legacy Project,” lost the property to the bank this week after defaulting on the loan.
The foreclosure sale occurred on Monday at 10:30 am in Pomona, no bids were submitted at the minimum requirement of $15 million. The lender, Broadway Bank, has a total debt of more than $31 million on the property, after owner Hagop Sargisian defaulted on his obligations after acquiring the property for $54 million in 2008.
The property was approved for 53 condominiums and 14,000 square feet of retail space by the City Council on Aug. 21, 2007. Former owners, Legacy Partners submitted the original application in July of 2004. After nine public hearings, a denial by the Planning Commission, appeal to the City Council it was finally approved.
Shortly after Legacy sold the unbuilt project to Sargisian of HDS Group. Messages left for Sargisian were not returned.
Now that the site is in the hands of the bank, it is unclear if the project will ever be built.
“The bank has the best interest for the property,” said Chris Dougherty of Connaught Real Estate. “Broadway Bank is not looking at keeping the property forever. We are looking at our options. It is a prime sight for development in the heart of Beverly Hills.”